OPEC seen powerless to tame record high oil

Oil’s two-year bull run has robbed the Organization of the Petroleum Exporting Countries of its power to control prices that have roared above $70. Pledges by the cartel and its lead producer Saudi Arabia to pump more and more oil to make up any shortages from Hurricane Katrina’s rampage through the U.S. Gulf rang hollow with those awash in crude yet starved of petrol and other oil products.
(…) OPEC officials blame much of that run-up on the world’s shortage of sophisticated refineries to process their additional high-sulfur, sour crude supplies.

Reuters